Wireless Technologies and Payment Mechanisms

question 16

Multiple Choice

Wireless technologies and payment mechanisms:

• A) reduce the need for security and encryption.
• B) easily build on internet security.
• C) are being developed and show considerable promise.
• D) will make traditional payment mechanisms quickly obsolete.
• E) none of the above

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Definitions:

Producer Surplus

The difference between the amount that producers are willing and able to sell a good for and the actual amount they receive due to market price.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given time period.

Opportunity Cost

The relinquishment of possible advantages from alternate options upon making a choice.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, measured by the area above the supply curve and below the price level.